Trading, a primitive of all financial arrangements, has historically been enabled by intermediating exchanges. That form factor largely carried over unchanged to today’s cryptocurrency markets – that is until the concept of a decentralized exchange (DEX) was realized. Now, these disruptive market-making models exhibit broad ecosystem adoption and continue attracting significant month-over-month volume growth. It is therefore of no surprise that the pace of innovation in DeFi continues to be led by the segment. As we look forward, appreciating the direction that developers are pushing these avant-garde trading models requires a brief review of the industry’s current state. This context then leads to our perspective on Hashflow, a project innovating on established architectures and one that we think has the potential to enhance the value delivered to users through a more calibrated approach to asset price discovery.